Why Wells Fargo Blinked in Its FHA Fight with the Government

The long arm of the government is tough to elude, even if you are the nation’s largest home lender. Wells Fargo stunned the mortgage industry Wednesday by tentatively agreeing to pay $1.2 billion to resolve civil claims by the Justice Department and other federal agencies that it originated shoddy loans insured by the Federal Housing

Pressure Mounts on FHA to Relax Condo Rules

Lawmakers and housing groups are urging the Federal Housing Administration to relax its condominium regulations to help open up homeownership opportunities for first-time buyers and urban families. More than 50 House members signed a letter last week asking the FHA to make policy changes. “FHA places significant restrictions on the purchase and sale of condominium,

Lenders See Edge for FHA in Quest for New Buyers

WASHINGTON — The Federal Housing Administration’s lower insurance premium — already credited with boosting refinancing and purchase loans — is now seen as giving the agency a possible advantage over competitors in attracting first-time buyers and others with low credit scores. The FHA endorsed nearly 80,000 purchase mortgages in June, an almost 116% rise from

More Regional Banks to Face Probes of Shoddy FHA Loans

Banks are still haunted by bad underwriting of mortgage loans from the last housing boom, and the nightmare could endure for months to come. M&T Bank’s disclosure Thursday that it is in settlement talks with the Justice Department for not complying with underwriting guidelines on Federal Housing Administration loans has renewed fears that more lenders

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